What is the Credit Crisis?

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

There are a couple of key things to take from this. One, it doesn't matter what you think about the area in which you live. YOU ARE NOT INSULATED FROM THIS. Yes, there are some markets that will be worse, like Detroit and the car industry, but EVERYONE will be affected.

Two, its coming to Charlottesville and fast. There have been more and more REOs and Short Sales in Charlottesville month after month. We have an over supply and not enough demand, leaving people who need to sell their home without the ability to do so. Prices are coming down, but there is not enough equity in every home to enable the homeowner to keep lowering the price to get a buyer without doing a short sale.

Three, agents and homeowners need to be aware and prepared for this. If you think the market is turning around, you are wrong. If you have a home listed and you can, SELL NOW, don't wait. It's going to get worse before it gets better. Refer to Preforeclosures Rising in Charlottesville, Charlottesville Real Estate Market Trends - Sold Statistics, Charlottesville Real Estate Market Trends - Months of Inventory, and the Alert To Lock Interest Rates from Leonard Winslow at Dominion Trust Mortgage with the bond Market struggling right now.

If you don't want to listen to me, call someone in Northern Virginia. They will tell you this is the EXACT SAME TREND they experienced in 2007 and look at their market now. Almost the whole market is REO and Short Sale driven.

Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.charlottesvillevarealestate.blogspot.com/
http://www.charlottesvilleshortsale.com/
http://www.theaverygroup.com/